Deals of the week: Somnomed, Sekisui Diagnostics, Seegene, B. Braun Interventional Systems

5 May 2016 (Last Updated May 5th, 2016 18:30)

Somnomed Limited, a medical devices company specialising in sleep-related breathing disorders, has announced that it will raise approximately A$10.5m ($8m) by offering 4,200,935 fully-paid ordinary shares to investors and retail shareholders.

Qualigen FastPack IP system

Somnomed Limited, a medical devices company specialising in sleep-related breathing disorders, has announced that it will raise approximately A$10.5m ($8m) by offering 4,200,935 fully-paid ordinary shares to investors and retail shareholders. The company will offer these in a two tranche placement that includes the issue of two shares for every 25 existing shares.

The entitlement offer, which includes an institutional component and a retail component, will invite eligible institutional shareholders to participate in the institutional entitlement offer and retail entitlement offer that will take place from 3 May 2016 to 4 May 2016 and from 10 May 2016 to 27 May 2016, respectively.

The proceeds from the offering will be used by Somnomed to meet its working capital requirements and other investments in direct to patient business.

Global diagnostics company Sekisui Diagnostics and Qualigen, an innovative medical diagnostic products producer, have entered a new strategic partnership, which focuses on both current and future collaboration opportunities.

Pursuant to the agreement, Sekisui will take-up the commercial and distribution activities of Qualigen's FastPack IP System, which is a point of care immunoassay system for detecting Vitamin D, Testosterone, TSH, Free T4, PSA, and hCG, and associated products in the US and other countries.

The partnership enables Qualigen to expand commercial opportunities for its well-established immunoassay system, while Sekisui's existing rapid test portfolio in POL markets will see commercialisation.

Seegene, a developer of multiplex PCR technologies based in South Korea, has partnered with Mexico-based Biodist group to form a new joint venture company to accelerate the adoption of innovative molecular diagnostic (MDx) technologies in Latin America.

Biodist is a leading provider of clinical molecular diagnostics solutions.

The new company, Biodist-Seegene Diagnostics, was formed with an equal stake for each company and will develop and manufacture diagnostic products in Mexico and other Central and South American countries.

"Under the terms of the agreement, Seegene will license its MDx technologies and development know-hows to the new company, while Biodist will assist in marketing and sales distribution."

Under the terms of the agreement, Seegene will license its MDx technologies and development know-hows to the new company, while Biodist will assist in marketing and sales distribution.

B. Braun Interventional Systems, an interventional solutions provider, has extended its exclusive US distribution agreement with NuMED, a developer and manufacturer of cardiovascular medical products.

The extension enables B.Braun to become the exclusive distributor of NuMED cheatham platinum (CP) stent, which is used to treat patients with native and / or recurrent coarctation of the aorta (congenital heart defect), in the US.

B. Braun distributes NuMED PTA, PTV and BAV balloon catheters in the US.

BioSig Technologies, a medical device company based in Minneapolis, US, has raised $4.5m through a private placement of 3,003,016 of its common stock shares at a price of $1.5 per share.

The proceeds will be used for the commercial launch of its proprietary product, PURE EP System, which is designed to improve the clinical outcomes of electrophysiology (EP) procedures.

Shinva Medical Instrument, a medical manufacturing company, has announced plans to raise up to CNY2,200bn ($339.24m) in a private placement of its common stock shares.

The proceeds will help the company finance its projects and improve its capital base.


Image: Qualigen's FastPack IP System. Photo:courtesy of Sekisui Diagnostics.